Sri Lanka’s ambassador has urged the US to pass the GSP programme in a joint letter sent to the Senate on Monday.
Sri Lanka was joined by the 9 other members of the Coalition of Generalized System of Preferences in advocating for the renewal of the GSP program, which will be discussed in the Senate later this week.
The letter details the adverse effect the suspension of the program has had on the members’ respective economies.
Sri Lanka is said to have lost top supplier positions to China, with US imports of construction vehicle tires dropping by 28.5%, although imports from China increased by 50%.
Imports of Gold and Jewellery into the US have also been affected, with Sri Lanka registering a drop of 26.5%.
Sri Lanka complained to the US, saying that the decrease in imports is causing job losses, economic downturns in many regions, reduced output in various industries and a drop in competitiveness for much needed investment.
For full letter click here.
